Pharma

CNS pharma CoLucid names new CEO; aims for phase 3 trials on migraine drug

Central nervous system disorders pharmaceutical company CoLucid has named a new CEO who takes over […]

Central nervous system disorders pharmaceutical company CoLucid has named a new CEO who takes over a firm that is making progress on what is expected to be a breakthrough migraine headache treatment.

Thomas Mathers takes the reins at Durham, North Carolina-based CoLucid as the company looks to phase 3 clinical trials on its lead drug candidate, lasmiditan. The compound, licensed from Eli Lilly (NYSE:LLY), is being developed to offer migraine headache relief without the cardiovascular side effects associated with triptans, the class of drugs now used to treat migraines. Research firm Decision Resources projects that lasmiditan and Merck (NYSE:MRK) migraine drug telcagepant could combine to generate $1.3 billion in sales in 2019 in the United States, Western Europe and Japan as sales from top migraine treatments such as GlaxoSmithKline‘s (NYSE:GSK) imitrex wane due to generic competitors.

Mathers comes to Durham, North Carolina-based CoLucid from Peptimmune, a Massachusetts drug development company that was developing a new multiple sclerosis drug. Peptimmune filed for chapter 7 bankruptcy  earlier this year after failing to raise money needed to advance its lead drug candidate into a mid-stage clinical trial. Mathers faces a similar challenge at CoLucid as late-stage clinical trial costs will require tens of millions of dollars. But CoLucid Chairman Art Pappas, who is also managing partner at Durham venture capital firm and CoLucid investor Pappas Ventures, told MedCity News in March that the company was considering partnerships with large pharmaceutical companies who could finance additional studies on the compound.

CoLucid has raised about $40 million in venture capital from Pappas Ventures, Care Capital, Domain Associates, Pearl Street Venture Funds and Triathlon Medical Ventures.

CoLucid’s founding CEO James White, Ph.D., will continue to work at CoLucid as the company’s scientific director. Mathers brings to CoLucid more than 19 years of experience in the life sciences and medical device industries. He has held executive and management positions at companies such as Cell Based Delivery, Cardion AG, Genzyme, Snowden-Pencer and Pfizer (NYSE:PFE). Mathers earned his bachelor’s degree in engineering from the U.S. Military Academy at West Point. From 1988 to 1991 he served as captain in the U.S. Army and was awarded several medals for his services as a helicopter pilot during the Gulf War.

“Tom has extensive leadership skills and brings valuable strategic, operational and transactional experience to our team at a key inflection point in the company’s  growth and development,” Pappas said in a prepared statement.

CoLucid was founded in 2005 by Pappas Ventures to develop drug candidates for CNS disorders. The company’s drug pipeline includes preclinical candidates for sleep disorders, chronic pain, Alzheimer’s disease and psychiatric disorders.

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